In a saucepan bring 3 cups water to a boil. Add rice and stir. Reduce heat, cover and simmer for 20 minutes, or until rice is cooked and all liquid is absorbed.
Melt margarine in a large saucepan over medium heat. Stir in remaining 2/3 cup water, nutritional yeast, garlic powder, basil and salt; heat for 5 minutes. Stir in cooked rice and cook until heated through, about 2 minutes.
